What happened to Preserver Insurance?
If you have questions about Preserver Insurance Co., you’re not alone. Preserver, a subsidiary of Tower Group insurance companies, used to underwrite insurance policies in 44 states in the past but has since closed. Very little information can be found online, but we’ve put together everything we know about Preserver Insurance Company in this article.
If you’re shopping for car insurance, Preserver won’t be the provider for you. But we can help you find the right provider to underwrite your next car insurance policy. We’ve reviewed the top car insurance providers in the nation to give you the best recommendations for your insurance.
When you’re ready to start the quote comparison process, enter your zip code. Or, for an easier process, call our team at (844) 246-8209 to get free, personalized quotes seven days a week.
In this article:
- What Is Preserver Insurance Company?
- What Happened To Preserver Insurance Company?
- Recommendations For Your Next Car Insurance Provider
What Is Preserver Insurance Company?
Preserver Insurance Co. used to be one of 18 subsidiary companies included in the Tower Group of insurance companies. Headquarters were located in New York City, but Preserver also had a location in Jersey City, New Jersey. Preserver was purchased by Tower Group Insurance in 2007 and remained a part of that company until it closed.
Preserver Insurance Co. was licensed to underwrite auto insurance policies in 44 states, plus Washington D.C. The company specialized in package commercial lines of insurance in New Jersey and California and also underwrote fire, marine, homeowners, workers' compensation, and casualty insurance policies.
What Happened To Preserver Insurance Company?
After merging and changing names, Preserver Insurance Company ultimately went out of business for an inability to pay claimants and debts it owed to creditors. Today, its parent company is permanently closed down.
After a major merger of several car insurance providers (including Tower Group Insurance), Preserver Insurance Co. changed its name to CastlePoint National Insurance Company. Years after the merger, all of the companies in this insurance group, including CastlePoint, were ordered to liquidate by a Superior Court in San Francisco.
The CastlePoint company was found to be insolvent, which means it didn't have enough cash flow to pay its creditors and the situation was bad enough to warrant an order of liquidation.
In 2017, the Insurance Commissioner of California brought CastlePoint to the Superior Court to apply for its liquidation. According to court documents, the court found sufficient grounds that CastlePoint was legally insolvent.
Furthermore, the court found it was futile for CastlePoint to continue in business and that it would ultimately hurt its customers in the long run. Here's a quote from the Conservation Order in 2017:
"CastlePoint [...] is in such condition that its further transaction of business will be hazardous to its policyholders, creditors, and the public."
- Superior Court of California, San Francisco
Remember, a car insurance company is responsible for paying claims to cover damage and injury when its customers get into accidents. Ultimately, CastlePoint (previously Preserver Insurance Co.) was unable to do that as it went into insolvency.
As of April 1, 2017, none of the Tower Group Insurance companies exist. Customers were relocated to different providers, and claims were transferred as well.
If you’re looking for additional information about Preserver Insurance Co./Castlepoint Insurance Company or the liquidation of Tower Group Insurance, you can call the California Conservation and Liquidation Office phone number: 415-676-5084.
Recommendations For Your Next Car Insurance Provider
Even though Preserver Insurance Co. is no longer available, there are plenty of car insurance companies for you to choose from. Our top picks all have strong financial statements and superior ability to pay claims.
Whenever you shop for car insurance, we recommend getting quotes from multiple providers so you can compare coverage and rates. In addition to the insurance company you choose, factors such as your age, vehicle make and model, and driving history can affect your premium, so what’s best for your neighbor might not be best for you.
Geico: Best Overall
With a thorough Geico review, we rate the provider Best Overall. Comparing Geico’s coverage options, cost, discounts, customer reviews, and other factors against its competitors, we score the auto insurance company 4.5 out of 5.0 stars.
Geico customers have their choice of car insurance coverage plans that range from basic liability insurance to comprehensive coverage in all 50 states. You can also get extras like roadside assistance, rental car reimbursement, and Do You Need Mechanical Breakdown Insurance?.
Geico also has a variety of competitive discounts for:
- Good students
- Military personnel
- Safe drivers
- And more
USAA: Best For Military
Our review of USAA auto insurance found that the insurer is the best auto insurance provider for active duty or retired military personnel and their immediate family members.
USAA car insurance is available to eligible parties in all 50 states. Customers get access to cheap auto insurance, too. With USAA car insurance, you could qualify for up to 20 percent off of your car insurance rates for parking your car on a military base. Plus, as a USAA customer, you’ll be able to purchase additional coverage for roadside assistance, rental car reimbursement, accident forgiveness, and more.
Progressive: Best For High-Risk Drivers
In our Progressive review, we found that the insurance provider is the best for high-risk drivers, like drivers in their 20s or drivers with a DUI on their driving record. Progressive car insurance is available in all 50 states.
Progressive offers liability insurance, comprehensive car insurance, and more forms of protection for your finances, your person, and your vehicle. Plus, Progressive offers competitive discounts and unique industry tools like:
- The Name Your Price® tool: You can choose the price you want to pay to see policies that fit your budget.
- Snapshot® program: This program monitors your driving habits and can award discounts based on good driving.
In an effort to provide accurate and unbiased information to consumers, our expert review team collects data from dozens of auto insurance providers to formulate rankings of the best insurers. Companies receive a score in each of the following categories, as well as an overall weighted score out of 5.0 stars.
- Industry Standing: Insurers with strong financial ratings and customer-first business practices receive the highest scores in this category.
- Availability: We consider availability by state as well as exclusions for specific groups of drivers.
- Coverage: This rating is based on types of insurance available, maximum coverage limits, and add-on policies.
- Cost and Discounts: Our research team reviews sample quotes for a variety of drivers in every state. Companies with lower prices and many car insurance discount opportunities receive the best scores.
- Customer Service: We comb through customer reviews and consumer feedback studies from experts like J.D. Power.
- Technology: Auto insurers with mobile apps, advanced online services and telematics are more likely to meet consumer needs.
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